Irving-based Celanese Corp. will form a food ingredients joint venture with Japanese giant Mitsui & Co., with Celanese retaining a 30% stake and Mitsui...
Celanese, a global chemical and specialty materials company with $9.7 billion in sales last year, said it will use the cash to pay down debt. Its food ingredients business generated about $170 million in sales in 2022.
The Nutrinova joint venture builds on an existing partnership between the two companies. Mitsui holds long-standing positions across Asia’s food chain. Celanese will continue to supply acetyls to the new joint venture. Acetyls are petrochemicals with a wide variety of uses, including food flavoring and preservation, pharmaceuticals, paints and adhesives.
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